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Posts Tagged ‘charitable gifts’

Giving to Your Religious Organization can Hurt You at the Nursing Home!

Your mother has tithed (gifted) to her religious organization in the amount of $50 per week for years. Additionally, she has given her 10 grandchildren $20 every Christmas and on each of their birthdays. Thus, she has made charitable and small family gifts totaling $15,000 throughout the course of the last five years. Your mother has savings of less than $2,000 and now requires nursing home care. Therefore, your mother will qualify for Medicaid benefits to help pay for her care. However, she will not qualify for benefits because all gifts, even small ones, even charitable gifts, made within the…

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How To Undo A Gift For Tax Purposes

Even the best laid plans don’t stand up to a whirlwind Congress, and as Deborah Jacobs of Forbes reports, many are finding themselves in a position of giver’s remorse rather than buyer’s remorse this January, and not over Christmas presents. Before Congress put through the new tax law, the gift tax was set to revert to 55% instead of the 35% of 2010, and on that basis it was solid strategy to make use of your lifetime limit while the tax was so low (indeed, I’ve mentioned articles with this advice in previous posts.) Of course, now that the gift…

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